Herndon-based Northwest Federal Credit Union acquires Park Place Equity
- April 10, 2014
Herndon-based Northwest Federal Credit Union has acquired Park Place Equity LLC, a business loan company in Scottsdale, Ariz.
Park Place, which specializes in government-guaranteed loans, will operate as a division of Northwest Federal.
"Over the past two years, Northwest Federal has been developing a government lending platform to serve the needs of our business members,” Chris McDonald, the president and CEO of Northwest Federal, said in a statement. “By adding Park Place and the company’s expertise to our existing platform, we immediately gain a nationally known brand and substantial, additional experience in this lending field.”
McDonald said the deal will enhance the credit union’s lending products and add high-quality assets to the organization’s loan portfolio.
Seven-year-old Park Place focuses on the origination of loans under the Small Business Administration’s 7a and 504 lending programs along with the U.S. Department of Agriculture’s Business and Industrial lending program.
Kilpatrick Townsend & Stockton LLP served as outside legal counsel to Northwest Federal and Sandler O'Neill + Partners LP. served as financial advisor to the credit union. Becker Peters PLLC served as outside legal counsel to Park Place Equity LLC and CrossGate Capital Funding LLC provided advisory services.